2 Min Read
* Q2 breakeven/shr vs loss $0.09/shr last year
* Total sales up 85 pct
Aug 6 (Reuters) - Katanga Mining Ltd (KAT.TO) posted a quarterly profit on Friday, helped by increased production and higher copper and cobalt prices.
For the second quarter, the company posted a net profit of $2 million, or breakeven per share, compared with a loss of $57.5 million, or 9 cents a share, a year ago.
Sales rose 85 percent to $115.2 million, the company said.
Copper revenue increased by $35.5 million, due to higher realized prices and increased production capacity.
The company said realized price for copper rose to $2.61 a pound, from $2.07 a pound last year, and copper cathodes sold increased to 14,465 tons from 10,478 tons last year.
Katanga shares were down 7 percent at 98 Canadian cents Friday afternoon on the Toronto Stock Exchange, mirroring a drop in copper prices.
Copper prices reversed earlier gains to fall almost 1 percent Friday. [ID:nLDE6750V5]
Katanga said cobalt revenue too increased by $15.5 million with a 60 percent increase in sales and a rise in realized prices.
The realized cobalt price rose to $16.73 a pound from $12.73 a pound last year, and sales rose to 801 tons from 500 tons. (Reporting by Isheeta Sanghi in Bangalore; Editing by Don Sebastian)